2 Broward Waterfront Parcels Sold To Single Buyer For $9.2 Million

Another high-priced land sale along Fort Lauderdale's waterfront is raising the stakes for some of the most desirable real estate in Broward County.

Realtor Jeanne Bass of the Guy Bass Co. sold two adjacent parcels for $9.2 million. The parcels, at 1560 and 1600 Ponce de Leon Drive, total more than 1.5 acres.

They were purchased by a buyer who wishes to remain anonymous, said Brett Bass, a broker with Guy Bass.

Brett Bass said the lots overlook a spot on the New River near Tarpon Bend. He said he thinks the buyer intends to build a home on the property that he will use part time.

The parcel at 1560 Ponce de Leon, owned and listed by Gib Cline, sold for $6 million. The parcel currently is vacant. The other parcel, at 1600 Ponce de Leon, owned by Jim Blosser, sold for $3.2 million. A small home on the property likely will be demolished to make way for new construction.

Cline, who has owned his parcel for about five years, said he originally purchased it with the intention of building a home for his family. He said he paid $1.7 million for the land. He said the buyer, who grew up in Florida, had his eye on the property since high school.

He said the buyer is a University of Florida graduate in electrical engineering who is now a venture capitalist. He currently lives in California but will spend time here.

Cline speculated that the property fetched such a high price because it not only has more than 300 feet of waterfront, but has even more frontage on the street.

"This is a monstrous piece of property," Cline said. "That's why these lots were so appealing. Everyone in town tried to buy it from us at one time or another."

He decided to sell the land after receiving about 20 percent more than his original asking price.

The sale, which according to Bass would be by far the most expensive land purchase if it is considered as a single deal, comes on the heels of two other record-breaking residential sales this year.

In March, a 15,000-square-foot waterfront mansion at 2 Pelican was bought, fully furnished, for $6.5 million. That home briefly held the record for the most expensive home purchase in the county.

Then in mid-May, another anonymous buyer purchased the 13,000-square-foot mansion at 6 Harborage Island for $7.2 million.

But the Ponce de Leon record may not remain for long. Other homes are currently on the market for upwards of $10 million -- a price some buyers may be willing to pay.

"The buyers are not the problem," Bass said. "It's finding the property to sell. To get direct Intracoastal or New River views, there's just very little left."